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RE: US Bankers control USA - 7/4/2010 8:21:28 PM
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prophetjul
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Actually the bankers control the world.....one global currency coming soon?
A reminder............
When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it."….. FREDERIC BASTIAT (From his important book ‘The Law).
http://www.voltairenet.org/article165415.html
Will the collapsing Euro and the technically hyper-inflated US Dollar (Shhh! Don’t say that aloud!!) pave the way for a new, essentially private Global Currency to be managed on a planetary scale by the private money cartel of the Goldman Sach’s, HSBC’s, CitCorp’s, Deutsche Bank’s of this world?
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RE: US Bankers control USA - 7/15/2010 7:45:42 PM
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prophetjul
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What a Cope out the US SEC is......another corrupted way by paying yer way out.....no difference from third world corruption....just pay yer way out...... 
Mistake....my foot.....the fine only equavalent to 14 days of income! Does that hurt GS? 
Blank-fiend and co should be dealt heavier.....
http://www.businessweek.com/news/2010-07-15/goldman-sachs-to-pay-550-million-to-settle-sec-suit.html
July 15 (Bloomberg) -- Goldman Sachs Group Inc. agreed to pay $550 million and change its business practices to settle U.S. regulatory claims it misled investors in collateralized debt obligations linked to subprime mortgages.
The penalty is the largest ever levied by the Securities and Exchange Commission against a Wall Street firm, the agency said in a statement announcing the accord today. Under the deal, Goldman Sachs acknowledged it made a “mistake” and that marketing materials for the instruments had “incomplete information,” the agency said.
For Goldman Sachs, the payment amounts to 14 days of earnings, based on first-quarter results. It’s the equivalent of 93 cents a share, said Brad Hintz, an analyst at Sanford Bernstein & Co., who had estimated a cost of $1.05.
“This appears to be negligence, not fraud,” Hintz said in an e-mail, citing the SEC’s use of words such as “mistake” and “incomplete information.” “Bottom line the SEC and the administration gets a headline and a ‘political win’ and GS gets an ‘economic win.’”
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RE: US Bankers control USA - 7/15/2010 10:50:34 PM
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GroupW
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Without a clear avenue to prosecute a crime (none really existed under then current law) the SEC took the next best step - civil penalties. Given their case, they did about as well as one could imagine.
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RE: US Bankers control USA - 7/18/2010 7:25:41 PM
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prophetjul
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quote:
ORIGINAL: GroupW
Without a clear avenue to prosecute a crime (none really existed under then current law) the SEC took the next best step - civil penalties. Given their case, they did about as well as one could imagine.
Strange, no? No law? Probably on purpose since them financial regulators are mostly made up of ex GS yobs anyway......
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RE: US Bankers control USA - 7/18/2010 11:13:49 PM
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GroupW
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Not strange in the least. The law always lags a bit and responds to things happening in the marketplace. It's natural. Would be great if the law was good at anticipating what the next need is, but it's not.
Until we get our crystal ball polished, it's likely to remain so.
< Message edited by GroupW -- 7/18/2010 11:22:00 PM >
_____________________________
There is a theory that if ever anyone discovers what the Universe is and why it's here, it will instantly disappear & be replaced by something even more bizarre and inexplicable. There is another theory which states this has already happened. (D. Adams)
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RE: US Bankers control USA - 7/19/2010 7:15:02 PM
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prophetjul
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quote:
ORIGINAL: GroupW
Not strange in the least. The law always lags a bit and responds to things happening in the marketplace. It's natural. Would be great if the law was good at anticipating what the next need is, but it's not.
Until we get our crystal ball polished, it's likely to remain so.
Your govt is owned by bankers, Fed Res by bankers, etc....whatda you expect?
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RE: US Bankers control USA - 7/19/2010 7:16:20 PM
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prophetjul
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http://www.guardian.co.uk/business/2010/jul/18/goldman-sachs-europe-sovereign-bond-sales?intcmp=239
Last Thursday, Goldman agreed to pay a $550m fine to settle US regulators' claims that the bank misled investors in a mortgage-backed security. Goldman admitted that its marketing materials were incomplete, because they failed to state that the same third party that helped choose the assets had taken a bet against them.
But governments have also been shocked at the emergence of past transactions between Goldman and Greece and Italy, where products the bank helped to sell aided both in hiding government debt. Greece, which used Goldman in a bond sale this year, is practically at war with the bank. A sharp contrast with the situation months before, when Goldman bankers dined with the prime minister in a private meeting overlooking the Acropolis. The relationship broke down, though, after news leaked earlier this year that Goldman was about to strike a bond sale deal with China's sovereign fund – which never materialised.
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RE: US Bankers control USA - 7/19/2010 9:32:31 PM
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GroupW
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If someone tells you governments were shocked by that, don't believe it. This was widely known and reported at the time. These transactions were done strictly to allow Italy and greece to meet EU debt limits. They were done with full knowledge of EU monetary authorities and only had one purpose - artificially allowing those two countries to remain in compliance with EU debt limits.
_____________________________
There is a theory that if ever anyone discovers what the Universe is and why it's here, it will instantly disappear & be replaced by something even more bizarre and inexplicable. There is another theory which states this has already happened. (D. Adams)
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RE: US Bankers control USA - 7/21/2010 7:28:45 PM
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prophetjul
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Here we go again! Biggest manipulatiors paying themselves BIG.....again
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7896642/Goldman-Sachs-sets-aside-9bn-for-pay-as-revenues-drop.html
Goldman Sachs sets aside $9bn for pay as revenues drop
Goldman Sachs is set to pay as much as 45pc of its 2010 revenues to its staff in a move that is likely to reignite political anger with the investment bank just days after it settled a high-profile fraud case with American regulators.
Analysts expect Goldman to say that its closely-watched compensation ratio, which indicates the intended level of staff pay as a proportion of its revenues, is between 40pc and 45pc when it announces its second quarter results this week.
Goldman's results will also show for the first time a $600m (£392m) hit for the UK's bonus tax.
The bank is estimated to have set aside just over $9bn in pay for its staff in the first half of 2010, working out at an average payout of $235,429 for each of its 38,500 employees for the last six months of work. Goldman bankers are on track to be paid nearly $500,000 each at full year, with senior bankers being paid far more.
Goldman will argue that weaker trading conditions will result in lower total pay packages, despite the higher compensation ratio. The bank will be keen to avoid further political scrutiny following its record fine of $550m to America's Securities and Exchange Commission for making a mistake in marketing one of its investment products to clients.
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RE: US Bankers control USA - 7/26/2010 8:45:34 PM
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prophetjul
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http://www.usatoday.com/money/industries/banking/2010-07-24-goldman-bailout-cash_N.htm
Goldman reveals where bailout cash went
Goldman Sachs sent $4.3 billion in federal tax money to 32 entities, including many overseas banks, hedge funds and pensions, according to information made public Friday night.
Goldman Sachs disclosed the list of companies to the Senate Finance Committee after a threat of subpoena from Sen. Chuck Grassley, R-Ia.
Asked the significance of the list, Grassley said, "I hope it's as simple as taxpayers deserve to know what happened to their money."
He added, "We thought originally we were bailing out AIG. Then later on ... we learned that the money flowed through AIG to a few big banks, and now we know that the money went from these few big banks to dozens of financial institutions all around the world."
Grassley said he was reserving judgment on the appropriateness of U.S. taxpayer money ending up overseas until he learns more about the 32 entities.
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RE: US Bankers control USA - 9/17/2010 10:12:02 PM
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prophetjul
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Schultz may be worried about his health but he has not lost his knack for eccentric, possibly prescient, edginess. He leads his current issue:
“I’m happy to announce the end of World War 3. The Iran war, which triggered World War Three, planned by the Pentagon and Mossad, has ended, actually before they began. It’s a first in history!
“How do I know this? Follow the money, not the propaganda. Four US banks are to open branches in Iran!...Citibank and Goldman Sachs are among the first applicants! Since Goldman Sachs is the alternate, or behind the scenes US government, as we all know, that name/news assured me of the good news.
http://www.marketwatch.com/story/exit-harry-schultz-pursued-by-a-bear-2010-09-16
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RE: US Bankers control USA - 10/10/2010 7:29:30 PM
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prophetjul
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http://business-news.thestreet.com/link/?http://feeds.voices.washingtonpost.com/click.phdo?i=ecbee33f3feb3dd520e07264e11086db;;;http://business-news.thestreet.com/business/2010/10/08/a/708835705-this-is-the-biggest-fraud/;;;http://business-news.thestreet.c
'This is the biggest fraud in the history of the capital markets'
Ezra Klein: What’s happening here? Why are we suddenly faced with a crisis that wasn’t apparent two weeks ago?
Janet Tavakoli: This is the biggest fraud in the history of the capital markets. And it’s not something that happened last week. It happened when these loans were originated, in some cases years ago. Loans have representations and warranties that have to be met. In the past, you had a certain period of time, 60 to 90 days, where you sort through these loans and, if they’re bad, you kick them back. If the documentation wasn’t correct, you’d kick it back. If you found the incomes of the buyers had been overstated, or the houses had been appraised at twice their worth, you’d kick it back. But that didn’t happen here. And it turned out there were loan files that were missing required documentation. Part of putting the deal together is that the securitization professional, and in this case that’s banks like Goldman Sachs and JP Morgan, has to watch for this stuff. It’s called perfecting the security interest, and it’s not optional.
EK: And how much danger are the banks themselves in?
JT: When we had the financial crisis, the first thing the banks did was run to Congress and ask for accounting relief. They asked to be able to avoid pricing this stuff at the price where people would buy them. So no one can tell you the size of the hole in these balance sheets. We’ve thrown a lot of money at it. TARP was just the tip of the iceberg. We’ve given them guarantees on debts, low-cost funding from the Fed. But a lot of these mortgages just cannot be saved. Had we acknowledged this problem in 2005, we could’ve cleaned it up for a few hundred billion dollars. But we didn’t. Banks were lying and committing fraud, and our regulators were covering them and so a bad problem has become a hellacious one.
EK: My understanding is that this now pits the banks against the investors they sold these products too. The investors are going to court to argue that the products were flawed and the banks need to take them back.
JT: Many investors now are waking up to the fact that they were defrauded. Even sophisticated investors. If you did your due diligence but material information was withheld, you can recover. It’ll be a case-by-by-case basis.
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RE: US Bankers control USA - 10/11/2010 11:42:24 AM
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GroupW
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There's more truth in this article than I care to admit.
Fraud isn't the right word for it (most of it anyway - there certainly was fraud out there), but "extremely serious negligence" certainly fits. Bear Stears for example never checked the documentation for the mortgages it bought for a couple of funds that went down. One firm in particular that it bought loans from had very shoddy controls in place and didn't fully complete the documentation required to transfer & perfect a gob-load of mortgages. Suddenly in December of 2008, Bear got religion and started checking files. Something along the lines of $500 million worth of mortgages were sent back to the originator, which by that time had depleted any financial reserves that could have allowed it to actually honor it's obligations under its rep's & warrants.
The industry is rightly worried about how many deals like this might surface.
The interesting thing to me is how complacent people become during bubbles like this - it's not that we just ignore risk. We also start ignoring basic blocking and tackling in how business gets done & become careless in a whole host of ways. That goes for the bankers as well as the consumers (some of whom never apparently read the big addendum in bold letters on their mortgage that said - "ADJUSTABLE RATE" or the section on the application that said to VERIFY your income & that such verification was TRUE and ACCURATE.)
It's a complete trainwreck that unfortunately is going to be with us for quite some time as we get it all sorted out.
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There is a theory that if ever anyone discovers what the Universe is and why it's here, it will instantly disappear & be replaced by something even more bizarre and inexplicable. There is another theory which states this has already happened. (D. Adams)
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RE: US Bankers control USA - 10/11/2010 7:27:00 PM
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prophetjul
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Fraud vs Extreme serious negligience = splitting hairs.
For the U.S bankers, good is evil, evil is good. Wholly backed by the U.S govt
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RE: US Bankers control USA - 10/12/2010 9:04:07 PM
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GroupW
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There was no intent to deceive, just very bad procedures and controls. There is a big difference. Fraud sends one to prison. Negligence doesn't.
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There is a theory that if ever anyone discovers what the Universe is and why it's here, it will instantly disappear & be replaced by something even more bizarre and inexplicable. There is another theory which states this has already happened. (D. Adams)
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RE: US Bankers control USA - 10/13/2010 7:44:04 PM
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prophetjul
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The announcement by Jamie Dimon that JPMorgan Chase will no longer use the MERS (Mortgage Electronic Registration Systems, Inc.) System to track its loans is a clear signal the house of cards that the Banksters built when they created MERS back in the 1990s is being deconstructed by the Banksters themselves in an attempt to soften the blow when the whole system comes crashing down around its own greed.
As the old saying goes, “The bigger they are, the harder they fall.”
I found the “chink” in MERS armor where it concerns loans that were securitized by Wall Street Investment Banks which makes every MERS Assignment of Mortgage from an originating lender directly into the Trust Fund fraudulent.
According to MERS’ own rules, when a loan is assigned “out” of the MERS® System it must be recorded in the county land records. This never happens!
If you follow the Securitization Flow Chart you can see who the participants are in the deal. Parties “C” and “D” are not MERS Members, therefore, the Vo loan should have been assigned by Party “B” to “C” and recorded in the Clark County land records; and Party “C” should have assigned the loan into the Trust, Party “D”, which assignment also should have been recorded.
Instead, the two Assignments that you see attached hereto were “manufactured” in an attempt to perfect the chain of title into the Trust, and they are both fraudulent.
The Assignment from Mortgage Electronic Registration Systems, Inc. to American Home Mortgage Servicing, Inc. is a self-dealing Assignment executed by “robo-signor” Linda Green who actually works for DOCX, a subsidiary of Lender Processing Services that was shut down earlier this year when the U.S. Attorney for the Middle District of Florida and the Florida Attorney General opened criminal and civil investigations.
The second Assignment from American Home Mortgage Servicing, Inc. to U.S. Bank National Association as Indenture Trustee for AMH Investment Trust 2005-4 is also signed by Linda Green and is fraudulent for many reasons, one of which is that only the Depositor, Bear Stearns Asset Backed Securities I LLC had the legal right to convey the mortgage obligations into the Trust Fund according to the Pooling and Servicing Agreement and other securitization documents filed with the SEC.
Also, all loans had to be conveyed into the Trust by September 28, 2005; therefore, Assignments that are dated more than three years hence are a sheer fabrication.
Many of your readers have been calling me for help on this subject, and I cannot respond to all. I would appreciate your sharing this information and my exhibits so that others can see what these “false documents” actually look like and can better evaluate their own situations.
Respectfully,
CIGA Marie
Marie McDonnell, CFE
Truth In Lending Audit & Recovery Services, LLC
Mortgage Fraud and Forensic Analyst
Certified Fraud Examiner
Marie.McDonnell@truthinlending.net
30 Main Street, Rear
P.O. Box 2760
Orleans, MA 02653
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RE: US Bankers control USA - 10/13/2010 7:50:10 PM
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GroupW
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I'm not saying fraud didn't and doesn't happen.
The lion's share of the problem though is simple negligence.
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RE: US Bankers control USA - 10/13/2010 8:14:08 PM
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prophetjul
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quote:
ORIGINAL: GroupW
I'm not saying fraud didn't and doesn't happen.
The lion's share of the problem though is simple negligence.
Or made to look like negligience or temporary mental disorder? 
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RE: US Bankers control USA - 10/14/2010 10:50:59 AM
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GroupW
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You have to understand the mortgage business. It's an incredibly fast paced business where paper flies at the speed of light, while people that are getting paid $15 an hour try to keep up with the deal flow. The folks are incredibly stressed and just trying to keep their heads above water. They don't necessarily understand the in's and out's of what they're doing; they're just trying to get their jobs done.
Paper gets misplaced, assignments (legal doc's that transfer ownership) get filled out incorrectly, skipped, or reference the wrong legal entities.
The faster business goes, the more mistakes get made.
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There is a theory that if ever anyone discovers what the Universe is and why it's here, it will instantly disappear & be replaced by something even more bizarre and inexplicable. There is another theory which states this has already happened. (D. Adams)
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RE: US Bankers control USA - 10/14/2010 7:46:40 PM
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prophetjul
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One word- Lack of regulation......Or dint not want to.......
quote:
Why didnt the SCC jumped all over this to see whtheer they were foresafe and secured?
that is its been known for at least 3 years!
http://www.youtube.com/watch?v=1j2esw2B8TI
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RE: US Bankers control USA - 10/20/2010 2:05:25 PM
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GroupW
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This is one of the more over-hyped issues out there. The issues of “fraudulent foreclosures” are:
1) Robosigners – Many states require a foreclosure affidavit to be signed by someone with actual personal knowledge of the facts in the case and notarized. In many cases, servicers are swamped and affidavits get signed in bulk since no one has time to review an entire loan file and get up to speed with the facts of the case. In some cases, the servicer failed to get a notarization.
The fix is just paperwork: pay a lawyer a few bucks to familiarize himself with the loan file, sign the affidavit, and get it notarized. Regardless, the borrower owes the money, has defaulted, and is no longer legally entitled to the house.
2) Missing notes: Occasionally, a note gets lost or destroyed, so borrowers sue and claim there is no legal evidence of the mortgage.
The fix: again, usually just paperwork. Since the deed is signed by the borrower and documents the terms of the associated note, states allow for the filing of a “missing note affidavit”. The bank produces the deed, a copy of the original note, and a lost note affidavit. As long as the information on the deed matches the information on the note copy, there is a legally enforceable mortgage.
In very, very few cases (literally a handful) , the bank can’t produce any evidence at all and the debt is summarily dismissed. I’ve read about a few of these cases, but in 25 years, I’ve never seen one personally.
Regardless, the borrower has defaulted and can legally be foreclosed.
3) Problems with MERS (a central document repository): MERS is often the entity that’s filing for foreclosure. Most loan s that are sold through MERS are registered in bulk with MERS, which then becomes the holder of record that pursues the foreclosure. Some people claim that MERS has no legal standing to foreclose, since it’s not technically the owner of the mortgage.
The fix: MERS simply needs to assign the note to the entity that actually owns the mortgage & then file the foreclosure claim in the name of that investor.
Regardless, again the borrower has defaulted and can legally be foreclosed.
For the vast majority of all foreclosures, the issues are technical documentation issues that have nothing to do at all with whether or not the borrower is subject to a foreclosure. In nearly all cases that have been decided so far, courts have sided against the borrower and ruled that someone (who that is can be debated) has a right to the house.
There are a few isolated cases where individual judges have ruled counter to prevailing law, but that’s a subject for another debate on judicial activism.
In nearly all cases of this “fraud”, there is a legally enforceable foreclosure claim that have easy technical resolutions. In no way are homeowners being defrauded out of there homes.
ETA: forgot another one
4) Missing endorsements
Some notes get sold repeatedly over time, so on occasion a note is sold without getting the endorsement completed. Think of it as going to the grocery store and writing a check that you forget to sign. You don't get to walk away with the groceries - the grocery store still retains its right to get you to sign the check.
In mortgage world, since mortgages can get bought and sold several times, endorsements are typically done in blank - like leaving the "Payable To" portion of your check blank. Then, should the loan actually go bad, the endorsement is completed and signed in the name of the foreclosing bank as the owner of record.
The fix: go back and get the seller/buyer/foreclosing party to execute the proper endorsement.
< Message edited by GroupW -- 10/20/2010 5:02:34 PM >
_____________________________
There is a theory that if ever anyone discovers what the Universe is and why it's here, it will instantly disappear & be replaced by something even more bizarre and inexplicable. There is another theory which states this has already happened. (D. Adams)
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RE: US Bankers control USA - 10/20/2010 8:00:52 PM
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GroupW
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BTW - does anyone other than us care about this thread?
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There is a theory that if ever anyone discovers what the Universe is and why it's here, it will instantly disappear & be replaced by something even more bizarre and inexplicable. There is another theory which states this has already happened. (D. Adams)
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RE: US Bankers control USA - 10/24/2010 8:37:52 PM
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prophetjul
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FDIC Called On To Put Bank Of America Into Receivership
by Dan Froomkin
Charging that the ongoing foreclosure fraud epidemic is the work of precisely the same unrepentant bank officers whose fraudulent mortgage schemes crashed the financial system in the first place, two leading critics of the financial industry are calling on the FDIC to put some of the nation's biggest banks into receivership -- starting with the Bank of America -- and make them clean house.
William K. Black, a former regulator and white-collar crime expert who cracked down on massive fraud during the savings and loan scandal of the 1980s, and his fellow economics professor at the University of Missouri-Kansas City, L. Randall Wray, write in the Huffington Post that it's time to "foreclose on the foreclosure fraudsters". They write:
The lenders, officers, and professional that directed, participated in, and profited from the fraudulent loans and securities should be prevented from causing further damage to the victims of their frauds, through fraudulent foreclosures.
They argue that, far from being a coincidence, massive foreclosure fraud "is the necessary outcome of the epidemic of mortgage fraud that began early this decade." The reason for that:
The banks that are foreclosing on fraudulently originated mortgages frequently cannot produce legitimate documents... Now, only fraud will let them take the homes. Many of the required documents do not exist, and those that do exist would provide proof of the fraud that was involved in loan origination, securitization, and marketing. This in turn would allow investors to force the banks to buy-back the fraudulent securities. In other words, to keep the investors at bay the foreclosing banks must manufacture fake documents.... Foreclosure fraud is the only thing standing between the banks and Armageddon."
http://www.commondreams.org/headline/2010/10/22-7
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RE: US Bankers control USA - 10/25/2010 10:18:17 PM
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GroupW
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You didn't read my prior post, did you.
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There is a theory that if ever anyone discovers what the Universe is and why it's here, it will instantly disappear & be replaced by something even more bizarre and inexplicable. There is another theory which states this has already happened. (D. Adams)
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